dayang parking joins hands with a new brokerage firm on the day of termination of tutoring, rushing towards listing
2024-09-14
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the road to listing of shandong multi-story parking equipment manufacturer dayang parking co., ltd. (hereinafter referred to as "dayang parking") has encountered twists and turns again.
dayang parking disclosed on september 12 that the company terminated the coaching agreement with caixin securities on september 10, and the shandong securities regulatory bureau confirmed on september 11 that the company had terminated the coaching; on the same day, dayang parking signed a coaching agreement with huafu securities and submitted coaching filing materials to the shandong securities regulatory bureau. the listing target is still the beijing stock exchange.
the economic herald reporter noted that dayang parking had signed a coaching agreement as early as 2014, and submitted application materials for listing on the growth enterprise market in 2017. after failing to list on the growth enterprise market, it signed coaching agreements with two securities firms in 2021 and 2023. after changing securities firms this time, whether dayang parking's dream of listing for nearly 10 years can come true has attracted attention.
change broker
seamless transition during the tutoring period
ocean parking disclosed that on november 30, 2023, the company signed a coaching agreement with caixin securities for the public issuance of shares to unspecified qualified investors and listing on the beijing stock exchange; on december 1, 2023, the company submitted the coaching filing materials to the shandong securities regulatory bureau; on december 5, the shandong securities regulatory bureau accepted the company's listing coaching filing application, and ocean parking entered the coaching filing stage.
the economic herald reporter learned that caixin securities has provided two rounds of coaching to ocean parking, which included tracking and understanding the convening of three meetings, tracking and investigating the effective operation of internal control, introducing the beijing stock exchange's review dynamics to ocean parking, conveying the latest regulatory policies, and conducting a comprehensive assessment of whether the company meets the listing conditions.
regarding the problems existing in ocean parking, caixin securities mentioned in the progress report on its guidance work that ocean parking's current corporate governance system is applicable to the innovation layer of the new third board and needs to be re-established before formally applying to the beijing stock exchange; ocean parking has established a complete set of financial accounting systems and other relevant internal control systems, which can truthfully reflect the company's financial status, operating results and cash flow, but there are still some internal control links that need to be further improved and refined.
it is understood that caixin securities had already arranged a coach for dayang parking in the next phase of coaching, but the two parties signed a coaching termination agreement on september 10 and officially "broke up". dayang parking said it was "needed for the company's strategic development."
however, the "breakup" with caixin securities does not mean that dayang parking has given up its plan to list on the beijing stock exchange. on the contrary, dayang parking does not want to waste even a single day. on september 11, the day when the shandong securities regulatory bureau confirmed the termination of the tutoring, dayang parking signed a tutoring agreement with huafu securities and once again submitted the beijing stock exchange listing tutoring filing materials to the shandong securities regulatory bureau.
regarding the change of the sponsoring underwriter, a person related to ocean parking told the economic herald reporter on september 13 that previously caixin securities was the company's sponsoring underwriter on the new third board and provided continuous supervision to the company. in july this year, the company and caixin securities terminated the continuous supervision agreement, and huafu securities took over as the sponsoring underwriter and fulfilled the continuous supervision obligations. the change of the sponsoring underwriter can be regarded as a continuation.
the economic herald reporter learned that ocean parking's listing plan has been around for a long time. according to historical information previously disclosed by the shandong securities regulatory bureau, in december 2014, ocean parking signed a listing guidance agreement with galaxy securities; in september 2015, ocean parking signed a gem listing guidance agreement with xiangcai securities; in june 2017, ocean parking submitted its gem ipo prospectus to the china securities regulatory commission; at the end of 2017, ocean parking reportedly terminated its review.
after failing to enter the gem, dayang parking signed a coaching agreement with great wall securities in august 2021 after several years of settling down. it was said that its listing target at that time was still the gem. in december 2023, dayang parking chose to work with caixin securities to enter the beijing stock exchange, but they "parted ways" again less than a year later.
can huafu securities bring good luck to dayang parking? perhaps time will tell.
revenue decline in the first half of the year
net profit doubled
public information shows that dayang parking was established in november 2001. the company is located in weifang with a registered capital of 97.51 million yuan. it is a high-tech enterprise specializing in the research and development, planning, design, manufacturing, installation, and maintenance of mechanical three-dimensional parking equipment. it is committed to promoting the development of china's three-dimensional parking equipment industry and solving the increasingly severe problem of parking difficulties.
it is reported that after more than 20 years of development, dayang parking has gradually formed a series of products with hydraulic drive technology, traction drive technology, comb exchange technology, and various handling robot technologies as the core. the products cover seven categories and have 276 valid patents. the sales area covers all provinces, autonomous regions, and municipalities across the country, and is exported to north america, south america, southeast asia, south asia, east asia, the middle east, oceania, africa and other regions.
the economic herald reporter noticed that in july 2022, dayang parking was recognized by the ministry of industry and information technology as a national specialized and innovative "little giant" enterprise, with a validity period of three years; in november 2023, the company's product, hydraulically driven lifting and transverse moving mechanical parking equipment, was recognized as a single champion in shandong province's manufacturing industry.
financial data shows that ocean parking's performance has fluctuated greatly in the past few years. from 2021 to 2023, the company's operating income was 593 million yuan, 511 million yuan, and 602 million yuan, respectively, and its net profit attributable to shareholders was 49.556 million yuan, 20.3495 million yuan, and 48.2374 million yuan, respectively.
in the first half of 2024, dayang parking's operating income declined, but its net profit attributable to the parent company increased significantly year-on-year. specifically, the company's operating income in the first half of this year was 205.5124 million yuan, a year-on-year decrease of 11.47%; its net profit attributable to the parent company was 10.3483 million yuan, a year-on-year increase of 113.83%.
in its semiannual report, dayang parking stated that the company's r&d and innovation work was carried out in an orderly manner in the first half of the year, with r&d expenses of 9.6626 million yuan. it completed the research and development of complete machines for garage types such as double-car four-sided storage and retrieval vertical lifting, double-car two-sided storage and retrieval vertical lifting, and stacked plate three-layer simple lifting. at the same time, some existing garages were optimized and upgraded; four new product licenses were added, including ten-layer double-car double-sided vertical lifting, ten-layer double-car four-sided vertical lifting, five-layer motor wire rope double-row lifting and lateral movement, and two-layer hydraulic triple-row lifting and lateral movement. the number of the company's product licenses has reached 105, and its comprehensive competitiveness has been further strengthened.
ocean parking introduced in its semi-annual report that according to the ministry of public security, by the end of june 2024, the national motor vehicle ownership will reach 440 million, including 345 million cars and 24.72 million new energy vehicles. in the first half of 2024, 16.8 million new motor vehicles will be registered nationwide. the huge stock and the rising increase have led to a growing gap in parking spaces in my country's cities. traditional parking facilities are unable to support the rapid development of urban parking needs. the three-dimensional, mechanized and intelligent construction and operation of parking facilities is imperative.
dayang parking believes that mechanical multi-story parking garages start with space, and by "going up to the sky and down to the ground", they make full use of limited urban space to build multi-story parking garages, which can improve land utilization and effectively solve the problem of "difficult parking" in cities, with obvious advantages.
it should be noted that ocean parking has a large amount of accounts receivable, which is 406 million yuan at the end of 2022, and it has decreased to 330 million yuan at the end of 2023, but it has increased to 350 million yuan at the end of june 2024. the above-mentioned ocean parking person told the economic herald reporter that the company's accounts receivable have been gradually optimized in recent years, and the amount has generally decreased. from the perspective of the accounts receivable cycle, there are relatively few accounts receivable with a period of 2 to 3 years, which are basically accounts receivable generated by projects completed that year, which is generally healthy.
(reporter duan haitao of dazhong news and economic herald)
